Latest news with #MickMcDermott
RTÉ News
3 days ago
- Business
- RTÉ News
Cobh Ramblers acquired by Digital Athlete Ventures
Cobh Ramblers are under new ownership once again, following US-based group Digital Athlete Ventures taking a 90% stake in the club. This comes after the dissolution of FC32, which took control of the First Division side in October 2024. The multinational group spent big last winter and built a squad that is now second in the table to Dundalk under Mick McDermott, who was signed from Glentoran last December. FC32 planned to build a network of clubs and this fell apart following the acquisition of Spezia Calcio. SKN St Polten, the Austrian side, suffered the most as their funding was cut off immediately, while Cobh were forced to release a statement that distanced themselves from the organisation's issues. Cobh have been searching for investment since and their saviours are US-based Digital Athlete Ventures. The organisation is led by lya Movshovich and Pedro Lombardo of JPX Investments and Bryant Clark, a founder of Texas-based Fifty Five South Ventures. The news was communicated in a press release by the club on Monday, which said the goal of the takeover was long-term stability. Cobh Ramblers chairman Bill O'Leary is thrilled to have the takeover over the line. "After months of hard work, the board is proud to announce this investment partnership," he said. "In a highly competitive landscape, securing a deal of this calibre reflects our commitment to the club's future. "What set DAV apart was not just their financial backing, but their operational capabilities and respect for the club's legacy and community. "Ilya and Pedro have been a pleasure to work with, and we're excited to move forward together." Jim Farrell, a board member at Cobh Ramblers, added: "A massive thank you to our volunteer board and all the other dedicated volunteers. "Your efforts in recent months, along with DAV's support, and guidance from Eric and Alex has been crucial in securing the club's long-term future." Ramblers are just four points behind leaders Dundalk in the table. The club are also the holders of the Munster Senior Cup after their victory over Rockmount in the final in May. The Cork side will open their FAI Cup campaign this weekend with a game against non-league side Bangor Celtic in Dublin.
Irish Examiner
3 days ago
- Business
- Irish Examiner
Cobh Ramblers under new ownership following chaotic end to FC32 reign
Cobh Ramblers' search for investment is over following US-based group Digital Athlete Ventures taking a 90% stake in the club. This comes after a chaotic end to the FC32 era, which began last October with a much-publicised takeover by the multi-national organisation that included two-time Super Bowl champion Lawrence Tynes as one of their backers. They spent big and built a squad that is now second in the First Division under Mick McDermott, who was brought down from Glentoran last winter. The plan was to build a multi-club model but that collapsed following the acquisition of Spezia Calcio in Italy. SKN St. Pölten, the Austrian subsidiary, suffered the most as their funding was cut off immediately, while Cobh were forced to release a statement that distanced themselves from the organisation's issues. Their announcement came as Vice President Paul Francis, who was the face of the original takeover, resigned. Cobh have been searching for investment since, and their saviours are US-based Digital Athlete Ventures. This organisation is led by entrepreneur Ilya Movshovich, Pedro Lombardo, managing partner at JPX Investments, and Bryant Clark, founder of Texas-based Fifty Five South Ventures. This organisation is described as a sports and media investment firm that works on empowering 'elite athletes, entertainers, and strategic investors' to positions in professional sports clubs and related platforms. DAV is backed by 'several prominent sports investors' and is based on the principle of combining capital, content, and operational insight to drive long-term value across its portfolio. This was communicated in a press release by the club on Monday, which said the goal of the takeover long term stability. Cobh Ramblers Chairman Bill O'Leary is thrilled to have the takeover over the line after months of negotiations. 'After months of hard work, the Board is proud to announce this investment partnership,' he said in a statement released by the club. 'In a highly competitive landscape, securing a deal of this calibre reflects our commitment to the club's future. What set DAV apart was not just their financial backing, but their operational capabilities and respect for the club's legacy and community. "Ilya and Pedro have been a pleasure to work with, and we're excited to move forward together.' Jim Farrell, a board member at Cobh Ramblers, added: 'A massive thank you to our volunteer Board and all the other dedicated volunteers. Your efforts in recent months, along with DAV's support, and guidance from Eric and Alex has been crucial in securing the club's long-term future." Ramblers are currently second in the League of Ireland First Division, four points behind leaders Dundalk and they open their FAI Cup campaign this weekend with a game against non-league side Bangor Celtic. Mick McDermott and his players are also the holders of the Munster Senior Cup, after their victory over Rockmount in the competition's final last May at Turner's Cross.
The 42
6 days ago
- Business
- The 42
Cobh Ramblers announce change in ownership status
FIRST DIVISION club Cobh Ramblers have tonight confirmed a change to their ownership status. The club is no longer affiliated with FC32 Global Investments Limited, who only came onboard last October. There were fears over the sustainability of the multi-club group when they withdrew funding from the Austrian side SKN St Polten, in April. The US-backed club investor, who also added Italian Serie B club Spezia to their stable in February, have now ended their association with the Cork-based team, who sit second in the First Division, four points off leaders Dundalk. Advertisement Last month, The Irish Examiner quoted Cobh manager Mick McDermott saying the club were in the process of handing over ownership of the club to another investor, and that news was also confirmed this evening. Part of tonight's club statement read: 'We can confirm that the club has formally and fully parted ways with FC32 Global Investments Limited. 'The process of separation has been completed, and Cobh Ramblers FC has returned to being solely operated by its elected committee and Directors. 'Any previously appointed representatives or board members affiliated with FC32 are no longer involved in the club. 'In recent months, the club has remained operational thanks to the dedication and hard work of our volunteer committee and the elected members board. Their efforts have ensured that the club could continue to function through a period of uncertainty and transition. 'We are also pleased to confirm that we are in the advanced stages of discussions with a new preferred investor group. This group has already provided assistance and support to the club in recent weeks, helping to stabilise club operations while both parties complete due diligence. 'We are optimistic that these discussions will lead to a positive outcome for the future of the club and would like to thank the investor group for supporting the club in the interim.' Meanwhile, Kerry FC have confirmed the signing of Canadian centre forward Robbie Cleary, on loan from League Two side Salford City until the end of the 2025 season. The 22-year-old joined Salford last August and previously had loan spells with FC United of Manchester and Bamber Bridge. Cleary previously had a stint in the Canadian Premier League with Forge FC.
Irish Examiner
30-06-2025
- Business
- Irish Examiner
Cobh Ramblers closing on new investor to replace FC32
Cobh Ramblers are on the verge of securing an investor to replace FC32, the multi-club group which took the Cork club out of member ownership last October. Fears grew over their sustainability just six months into the regime when FC32 withdrew funding from another club, Austrian outfit SKN St Polten. Cobh distanced themselves from that international setback for the holding company but sought fresh backers to maintain what's been their strongest First Division campaign since returning to the LOI in 2013. Player wages have been unaffected by the ownership uncertainty and manager Mick McDermott has the backing of the hierarchy to strengthen in the window opening on Tuesday. Despite missing the chance of going top of the table on Friday by losing 1-0 at leaders Dundalk, the manager believes the four-point gap is surmountable over the remaining 15 games. That confidence is hardened by renewed blood in the boardroom. Cobh's custodians were in negotiations with a few suitors when exploring the prospects of private ownership and the interest levels didn't disappear once they settled one party. 'FC32 are in the process of handing ownership over to another investment group,' explained McDermott, a Belfast native previously assistant to Carlos Queiroz during Iran's 2018 World Cup appearance. 'The process has been ongoing for a month and I believe will be completed imminently. 'I'm not privy to the details other than knowing that new people are taking over. That's a good thing for the club.' McDermott's last job was a near four-year spell at the helm of Glentoran. He admitted he was part of a Northern-Ireland consortium that pitched to buy Dundalk from Peak 6 in late 2021. It was eventually offloaded to a company led by former co-owner Andy Connolly and Statsports but financial trouble soon brewed. That deepened after Brian Ainscough took control at the end of 2023 and the current owner, John Temple, stepped in late last year as relegation loomed. He cited Dundalk's demise as a cautionary tale about the precarious nature of the league he joined in December. Mystery surrounding the set-up at the oldest club in the country, Athlone Town, anchored to the basement of the second tier, consolidates his viewpoint. 'I'm surprised to see in my short time here how volatile the league is,' he confessed. 'You have the Athlone Town situation, Dundalk has changed owners and you hear stories. 'When a major American investor like Peak 6 withdraws, like it did from Dundalk, it shows how quickly a team can fall from the high of Premier champions. 'It is an uncertain industry but there are investors looking to buy football clubs – especially in Ireland. I'm not sure of all the reasons why but they are. 'Hopefully ours get over the line in the next few days to give that added stability.' McDermott assembled a team hardwired with players from Cork City and Waterford teams that gained promotion in the past two years. His Dundalk counterpart, Ciarán Kilduff, is adding two Premier Division stalwarts in JR Wilson and Declan McDaid for the final lap of the title race and there'll be activity at St Colman's Park too. 'Coming into the job so late in December, we knew how crucial the July transfer window would be to promotion,' explained the 51-year-old. 'Our objective was to be high up the table by now and we're in a great position. 'Four points of a lead at this stage of the season is nothing. There's 45 points to play for and a transfer window. 'We've been light of players for a few weeks from losing seven for various reasons but hopefully we get some signings over the line this week. 'There's no point waiting until the end of the window. You can't survive a 36-game season with 15 players. Quantity is important as well as quality.' Being within touching distance of the one automatic ticket to the 2026 top-flight is good enough for the manager. He doesn't want to settle for the arduous playoffs. 'People think you need to beat Dundalk twice or three times to win the title but it's about beating all the others,' he noted. 'Up until last Friday, we had the most wins, clean sheets and goals, so we're doing something right. 'I've been in this situation before. Sometimes it's good to be chasing. It can be tough at the top because the air gets thin up there. 'It's a credit to see Dundalk celebrating so vigorously after beating Cobh Ramblers. I don't think they'd feel that way a year ago so it's nice to see that respect for us. 'We had to build our squad and staff within a month but my time since has gone in a blink of the eye. The players, committee and fans have been superb. 'My family are back in Belfast while I'm here full-time but I've been welcomed since coming to Cobh. I'm really looking forward to seeing where these last 15 games bring us.'
